Cosmos Price Up by 11.02% – Time to Buy ATOM Coin?
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As crypto prices make a comeback and gear for moon-level valuation, investors are growing keen on Cosmos’ recent uptrend and are motivated to buy ATOM.
Cosmos is regarded as the Internet of Blockchains. The asset aims to provide solutions to less efficient and unscalable blockchains by building an ecosystem of interconnected blockchains. The modular framework of the Cosmos blockchain serves as a simpler alternative for developers to work with.
The Cosmos blockchain is a scalable blockchain that processes transactions faster than older blockchains such as Bitcoin and Ethereum and seeks to improve in more ways to maintain this feat.
Examining the technical and fundamental data of the asset will help us ascertain if this is a good time to buy ATOM.
ATOM Coin Market Position
Over the past few weeks, Cosmos has made impressive improvements in price and is moving skywards towards new resistance and support prices.
The coin is currently trading at $32.15, which is indicative of an 11.02% increase in the last 24 hours. The digital asset controls 0.32% of the entire crypto market and is ranked the 27th most valuable asset by market cap.
Cosmos has a live market cap value of $7.2 billion, increasing by 14.09% in the last 24 hours. The virtual asset has so traded $1.1 billion worth of tokens in the last day, indicative of an 8.49% increase.
The Cosmos utility token has progressed in the last six months with an increased valuation in its price up to 159.93%. Year-to-date (YTD) statistics indicate that the Cosmos ecosystem has grown by 445.81%, and in the last twelve months, ATOM has raked in profits up to 394.82%.
The crypto asset continues to leap to new prices and is not slowing down as the crypto market emerges from the outstretched bearish run.
ATOM Technical and Fundamental Analysis
ATOM is soaring well above the 20-day moving average (MA) support price of $25.72. The 200-day MA also confirms the bullish run as ATOM also trades above the support price of $24.55.
The 14-day Relative Strength Index (RSI) shows that ATOM is trading in the underbought region with a figure of 60.66. The moving average convergence and divergence (MACD) indicator point that this is a great time to buy ATOM as the green trend line precedes its orange counterpart.
ATOM’s meteoric rise in the past day is due to several fundamentals. Evmos, in a recent release of an Ethereum Virtual Machine (EVM), made it possible to deploy smart contracts on the Cosmos chain and create new ERC-20 tokens.
Still, it was impossible to utilise these tokens in the Cosmos ecosystem. The recent Evmos v0.4 upgrade now provides support to bridge ERC-20 applications to the Cosmos ecosystem. The module allows users to convert ERC-20 tokens into Cosmos tokens and vice versa instantly.
Evmos v0.4 will allow DeFi protocols to integrate seamlessly with Evmos and the Cosmos ecosystem. The integrations will allow developers to build smart contracts on Evmos and use generated tokens for other applications on Cosmos.
IRISnet has launched the IOBScan-IBC, a cross-chain explorer to inspect IBC transactions on the Cosmos blockchain.
The IOBScan is a native explorer with three detailed products; Single chain, which is an explorer for single chains; Cross-chain, which is the IOBScan-IBC and the Interchain portal, which is an overview visualiser and entry for IOBScan explorers.
The IOBScan provides users with a wide eye view of the IBC cross-chain ecosystem. With the IOBScan, users can easily track the status and details of their IBC transactions across multiple chains without collecting information from different explorers to investigate problems.
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